(NationRise.com) – On April 30th, both Democrats and Republicans in the US Senate voted unanimously to ban Russian uranium imports into the United States.
Uranium is an essential element needed to produce energy from nuclear power plants. The US has been paying Russia about $1 billion annually for enriched uranium to drive the country’s nuclear infrastructure. However, the war with Ukraine and increased global tensions have increased demands to end America’s reliance on Russian imports.
Imports must end within 90 days of President Joe Biden signing the bill into law. However, it does allow waivers for special circumstances, including supply issues. It also releases nearly $3 billion of uranium production funding that has been held up since it passed in a previous bill. The waivers will be valid through 2027.
There have still been some concerns that the ban could lead to higher energy prices. It may follow a trend seen in 2022 after Russian oil imports were banned. Gas prices soared quickly, becoming one of several contributing factors to the nation’s record inflation. Barrel prices have since eased, although pump prices have been slower to fall. About 12% of the Uranium used in US nuclear power plants was imported from Russia that same year.
Russia is the global leader in enriched uranium exports, and analysts are weighing how it will likely impact the US economy. Nuclear fuel prices could rise by 13%, while power plant operating margins are likely to take a hit.
However, Senator John Barrasso (R-WY) expressed optimism, stating that his home state of Wyoming alone has enough uranium to replace the imports coming from Russia. He also affirmed that officials are ready to begin refining it. He believes that the new bill will not only help kickstart America’s uranium industry but also help “defund Russia’s war machine.”
The National Security Council released a statement on April 30th urging Congress to implement the ban to ensure national security and boost the economy. Experts believe Biden is ready to sign the bill into law.
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